Morgan Stanley sheds staff as transactions fall
Morgan Stanley will this week complete a round of job cuts that will ultimately see the company shed 100 sales and trading staff, underscoring what is expected to prove a dismal second quarter for Wall Street banks. The cuts are across Europe, the Middle East and Asia, according to people familiar with the New York-based bank’s plans.
WellPoint to buy Amerigroup
WellPoint, the US health insurer, has agreed to buy rival Amerigroup Corp in a $4.9bn cash acquisition that analysts say could be the start of a wave of consolidation in the sector following the US Supreme Court’s decision to uphold the Obama administration’s healthcare law. WellPoint will pay $92 a share for Amerigroup, a 43 per cent premium above the company’s closing share price last Friday.
Globaltrans seeks to raise $450m
Globaltrans is targeting $450m in a new London capital raising, placing the rail car operator in a good position for consolidation in Russia’s transport sector.
Investors warned over auditor’s ‘conflict of interests’
British Land has been criticised over its decision to reappoint Deloitte as auditor amid questions over the accountant’s independence.
Cable’s promise to take the initiative
A new accord to get banks lending to British aerospace companies is among a number of initiatives to be revealed today at the Farnborough International Airshow.
The Daily Telegraph
Thomson Reuters buys FX Alliance
Thomson Reuters, the news and financial information group, plans to buy trading platform FX Alliance for around $625m (£400m) to gain access to the companies clients.
Essar oil pays part of tax bill
Essar oil, the 87 per cent-owned Indian subsidiary of Essar Energy, said it would pay $179m (£115m) to the Gujurat government in part settlement of a tax dispute.
THE WALL STREET JOURNAL
Campbell to buy fresh-foods maker
Campbell Soup is placing a $1.55bn bet that Bolthouse Farms, which already provides Campbell with carrots for its soups and concentrate for its V8 juices, can also supply the soup maker with some badly needed growth by giving it a stronger foothold in refrigerated foods.
Chinese firm negotiating with Hawker
A Chinese bidder is in advanced talks to buy the bulk of aerospace company Hawker Beechcraft businesses for $1.79bn.